This paper examines the impact of upstream merger and acquisition(M&A)activities driven by supply chain integration motives on firm energy performance.By developing a microlevel theoretical framework,we examine th...This paper examines the impact of upstream merger and acquisition(M&A)activities driven by supply chain integration motives on firm energy performance.By developing a microlevel theoretical framework,we examine the intricate relationship between firms’upstream M&A strategies geared toward supply chain integration and their energy efficiency.We examine the impact of upstream M&A activities on energy performance using data from Chinese listed companies from 2007 to 2021.Our findings reveal that upstream M&A initiatives can enhance firms’energy efficiency,although there are discernible variations in the effects observed for M&A activities targeted downstream or within the same industry.By examining mechanisms,we elucidate the pivotal roles of input substitution effects and productivity enhancements through which upstream M&As boost energy performance.Furthermore,our analysis underscores the catalyzing impact of M&A activities in fostering collaborative innovation in green technologies among firms and suppliers,thus improving productivity and energy efficiency.We provide new microlevel evidence of the relationship between M&A transactions and corporate energy efficiency from upstream and downstream perspectives.展开更多
Merger and acquisition(M&A)has become an im-portant fashion for corporation to expand the operatingscale.In the course of drawing up the M&A strategy,it’s necessary that a method be adopted to balancesome kin...Merger and acquisition(M&A)has become an im-portant fashion for corporation to expand the operatingscale.In the course of drawing up the M&A strategy,it’s necessary that a method be adopted to balancesome kinds of objectives.Analytic Hierarchy Process(AHP)is the multi-criterion decisional method,whichintegrates qualitative analysis with quantitative analysisto solve the complicated problem.This article intro-duces how to apply AHP to drawing up scientific M&Astrategy.展开更多
文中针对多媒体及广告(Multimedia and Advertisement)系统的功能需求,研究分析了基于应用的M&A系统存在的问题,结合SaaS技术和Web环境的特点,建立了一个基于SaaS的M&A系统体系框架。在此基础上,给出了七层结构设计和服务设计,...文中针对多媒体及广告(Multimedia and Advertisement)系统的功能需求,研究分析了基于应用的M&A系统存在的问题,结合SaaS技术和Web环境的特点,建立了一个基于SaaS的M&A系统体系框架。在此基础上,给出了七层结构设计和服务设计,以及部署方式定义。实现结果表明,新系统具有服务灵活、降低成本、易于维护等明显特点。展开更多
This thesis aims at studying the cultural integration of M&A enterprises,mainly involved with the manifesta-tion,process,type,method,risk and countermeasures of cultural integration in M&A enterprises.It inten...This thesis aims at studying the cultural integration of M&A enterprises,mainly involved with the manifesta-tion,process,type,method,risk and countermeasures of cultural integration in M&A enterprises.It intends to provide a complete set of management and operation sys-tem on cultural integration for M&A enterprises.Keywords:cultural integration,M&A(merger and acquisi-tion).展开更多
After joining the WTO,Chinese government has gradually fulfilled various promises,such as cancellation of restrictions on foreign capital share ratio,and opening up of foreign investment areas. There are new changes i...After joining the WTO,Chinese government has gradually fulfilled various promises,such as cancellation of restrictions on foreign capital share ratio,and opening up of foreign investment areas. There are new changes in foreign merchants' direct investment in China,and it shifts from " green investment" featured by high risk and long period of return on investment to cross-border M&A. Since Coca-Cola failed to complete M&A of Huiyuan Juice in 2009,people have paid close attention to foreign capital M&A of domestic agribusiness. New changes and features appear in both scale and industrial areas,and M&A incidents have mushroomed in the industries of meat processing,wine,dairy and beverage,and the related industries have become the hot areas of cross-border M&A. Through the study of M&A incidents in China's agriculture-related areas in recent years,this paper aims to offer an overview of current foreign capital M&A of China's agribusiness in terms of scale and industry.展开更多
The past several years have seen Chinese companies participating in a growing number of overseas M&A deals for increasing values.Most of China's state-owned enterprises' overseas M&A deals are in the r...The past several years have seen Chinese companies participating in a growing number of overseas M&A deals for increasing values.Most of China's state-owned enterprises' overseas M&A deals are in the resource and mining sectors,while private companies' deals are usually done to obtain advanced technologies and reputable brands.We can conclude,based on previous experiences,that small and medium-sized companies as well as those engaged in import substitution have a much greater chance for successful integration.Large companies and those with an export-orientated nature have slimmer chances for successful integration.The overseas M&A verification system the Chinese government practices is unfavorable for successful deals and the upgrade of Chinese companies.展开更多
Data is a key asset for digital platforms,and mergers and acquisitions(M&As)are an important way for platform enterprises to acquire it.The types of data obtained from intra-industry and cross-sector M&As diff...Data is a key asset for digital platforms,and mergers and acquisitions(M&As)are an important way for platform enterprises to acquire it.The types of data obtained from intra-industry and cross-sector M&As differ,as does the extent to which they interact within or between platforms.The impact of such data on corporate market performance is an important question to consider when selecting strategies for digital platform M&As.Based on our research on advertising-driven platforms,we developed a two-stage Hotelling game model for comparing the market performance effects of intra-industry M&As and cross-sector M&As for digital platforms.We carried out an empirical test using relevant data from advertising-driven digital platforms between 2009 and 2021,as well as a case study on Baidu’s M&A activities.Our research discovered that intra-industry M&As driven by“data economies of scale”and cross-sector M&As driven by“data economies of scope”are both beneficial to the market performance of platform enterprises.Intra-industry M&As have a more significant positive effect on the market performance of platform enterprises because the same types of data are easier to integrate and develop the“network effect of data scale”.From a data factor perspective,this paper reveals the inherent economic logic by which different types of M&As influence the market performance of digital platforms,as well as policymaking recommendations for all digital platforms to select M&A strategies based on data scale,data scope,and the network effect of data.展开更多
Objective To explore the impact of mergers and acquisitions(M&A)on the innovation performance of the companies from both a patent perspective and a financial perspective by taking the case of M&A Company J as ...Objective To explore the impact of mergers and acquisitions(M&A)on the innovation performance of the companies from both a patent perspective and a financial perspective by taking the case of M&A Company J as an example.Methods The literature research method,patent data analysis method,and financial data analysis method were used.Results:The M&A has a positive impact on the innovation performance of Company J,and the results from the patent perspective and the financial perspective are consistent.Results and Conclusion The literature research method,patent data analysis method,and financial data analysis method were used.The M&A has a positive impact on the innovation performance of Company J,and the results from the patent perspective and the financial perspective are consistent.展开更多
This study aims to elucidate the formation mechanism of the goodwill measurement paradox and assess the impact of M&A synergy effects on goodwill measurement.Drawing upon empirical evidence from case studies,such ...This study aims to elucidate the formation mechanism of the goodwill measurement paradox and assess the impact of M&A synergy effects on goodwill measurement.Drawing upon empirical evidence from case studies,such as the Geely-Volvo acquisition,and broader empirical research on listed companies,the study seeks to offer practical guidance for refining industry-specific goodwill measurement standards within the registration system.Based on the"Institutional Environment-Synergy Effect-Goodwill Measurement"analytical framework,this study selects 528 non-same-control M&A samples of A-share listed companies from 2018 to 2023 as the research objects,and uses principal component analysis and a moderated mediation model to empirically test the impact of operational,financial,and management synergy effects on goodwill measurement,as well as the moderating roles of industry heterogeneity and policy changes.The conclusions are as follows:1.The current"difference method"in goodwill measurement shows a significant deviation,with non-synergistic premiums accounting for 21.5%,and reaching as high as 34.2%in technology-intensive industries.2.Operational,financial,and tax synergy effects all have a positive impact on goodwill measurement,with operational synergy being the most significant(coefficient 0.315***),amplifying to 0.471***in technology-intensive industries.Synergy effects are mainly transmitted through M&A premiums,with the mediating effect of operational synergy accounting for 42.8%.3.After the policy strengthening in 2019,the correlation between synergy effects and goodwill measurement increased by 12.5%,but technology-intensive industries still have a high impairment rate of 15.2%,indicating that policies have yet to fully eradicate the disparities in measurement risks among industries.4.This study is the first to quantify the moderating effects of policy changes and industry attributes on goodwill measurement,theoretically unveiling the core of the goodwill measurement paradox,and practically offering crucial guidance for refining relevant regulations,enhancing valuationtion systems,and formulating regulatory policies.展开更多
基金supported by the following:the Fundamental Research Funds for the Central Universities of China[Grant No.JBK2406055]the 2024 Annual General Project of Humanities and Social Sciences Research by the Ministry of Education[Grant No.24XJA790005]the Cultivation Program of High-level Scholarly Representative Achievements for Graduate Students of Southwestern University of Finance and Economics[Grant No.JGS2024055].
文摘This paper examines the impact of upstream merger and acquisition(M&A)activities driven by supply chain integration motives on firm energy performance.By developing a microlevel theoretical framework,we examine the intricate relationship between firms’upstream M&A strategies geared toward supply chain integration and their energy efficiency.We examine the impact of upstream M&A activities on energy performance using data from Chinese listed companies from 2007 to 2021.Our findings reveal that upstream M&A initiatives can enhance firms’energy efficiency,although there are discernible variations in the effects observed for M&A activities targeted downstream or within the same industry.By examining mechanisms,we elucidate the pivotal roles of input substitution effects and productivity enhancements through which upstream M&As boost energy performance.Furthermore,our analysis underscores the catalyzing impact of M&A activities in fostering collaborative innovation in green technologies among firms and suppliers,thus improving productivity and energy efficiency.We provide new microlevel evidence of the relationship between M&A transactions and corporate energy efficiency from upstream and downstream perspectives.
文摘Merger and acquisition(M&A)has become an im-portant fashion for corporation to expand the operatingscale.In the course of drawing up the M&A strategy,it’s necessary that a method be adopted to balancesome kinds of objectives.Analytic Hierarchy Process(AHP)is the multi-criterion decisional method,whichintegrates qualitative analysis with quantitative analysisto solve the complicated problem.This article intro-duces how to apply AHP to drawing up scientific M&Astrategy.
文摘文中针对多媒体及广告(Multimedia and Advertisement)系统的功能需求,研究分析了基于应用的M&A系统存在的问题,结合SaaS技术和Web环境的特点,建立了一个基于SaaS的M&A系统体系框架。在此基础上,给出了七层结构设计和服务设计,以及部署方式定义。实现结果表明,新系统具有服务灵活、降低成本、易于维护等明显特点。
文摘This thesis aims at studying the cultural integration of M&A enterprises,mainly involved with the manifesta-tion,process,type,method,risk and countermeasures of cultural integration in M&A enterprises.It intends to provide a complete set of management and operation sys-tem on cultural integration for M&A enterprises.Keywords:cultural integration,M&A(merger and acquisi-tion).
文摘After joining the WTO,Chinese government has gradually fulfilled various promises,such as cancellation of restrictions on foreign capital share ratio,and opening up of foreign investment areas. There are new changes in foreign merchants' direct investment in China,and it shifts from " green investment" featured by high risk and long period of return on investment to cross-border M&A. Since Coca-Cola failed to complete M&A of Huiyuan Juice in 2009,people have paid close attention to foreign capital M&A of domestic agribusiness. New changes and features appear in both scale and industrial areas,and M&A incidents have mushroomed in the industries of meat processing,wine,dairy and beverage,and the related industries have become the hot areas of cross-border M&A. Through the study of M&A incidents in China's agriculture-related areas in recent years,this paper aims to offer an overview of current foreign capital M&A of China's agribusiness in terms of scale and industry.
文摘The past several years have seen Chinese companies participating in a growing number of overseas M&A deals for increasing values.Most of China's state-owned enterprises' overseas M&A deals are in the resource and mining sectors,while private companies' deals are usually done to obtain advanced technologies and reputable brands.We can conclude,based on previous experiences,that small and medium-sized companies as well as those engaged in import substitution have a much greater chance for successful integration.Large companies and those with an export-orientated nature have slimmer chances for successful integration.The overseas M&A verification system the Chinese government practices is unfavorable for successful deals and the upgrade of Chinese companies.
基金supported by the National Natural Science Foundation of China“Research on Cross-sector Competition Effect and Regulatory Policy of Digital Platforms Based on Inter-platform Network Externalities”(Grant No.72103085).
文摘Data is a key asset for digital platforms,and mergers and acquisitions(M&As)are an important way for platform enterprises to acquire it.The types of data obtained from intra-industry and cross-sector M&As differ,as does the extent to which they interact within or between platforms.The impact of such data on corporate market performance is an important question to consider when selecting strategies for digital platform M&As.Based on our research on advertising-driven platforms,we developed a two-stage Hotelling game model for comparing the market performance effects of intra-industry M&As and cross-sector M&As for digital platforms.We carried out an empirical test using relevant data from advertising-driven digital platforms between 2009 and 2021,as well as a case study on Baidu’s M&A activities.Our research discovered that intra-industry M&As driven by“data economies of scale”and cross-sector M&As driven by“data economies of scope”are both beneficial to the market performance of platform enterprises.Intra-industry M&As have a more significant positive effect on the market performance of platform enterprises because the same types of data are easier to integrate and develop the“network effect of data scale”.From a data factor perspective,this paper reveals the inherent economic logic by which different types of M&As influence the market performance of digital platforms,as well as policymaking recommendations for all digital platforms to select M&A strategies based on data scale,data scope,and the network effect of data.
文摘Objective To explore the impact of mergers and acquisitions(M&A)on the innovation performance of the companies from both a patent perspective and a financial perspective by taking the case of M&A Company J as an example.Methods The literature research method,patent data analysis method,and financial data analysis method were used.Results:The M&A has a positive impact on the innovation performance of Company J,and the results from the patent perspective and the financial perspective are consistent.Results and Conclusion The literature research method,patent data analysis method,and financial data analysis method were used.The M&A has a positive impact on the innovation performance of Company J,and the results from the patent perspective and the financial perspective are consistent.
文摘This study aims to elucidate the formation mechanism of the goodwill measurement paradox and assess the impact of M&A synergy effects on goodwill measurement.Drawing upon empirical evidence from case studies,such as the Geely-Volvo acquisition,and broader empirical research on listed companies,the study seeks to offer practical guidance for refining industry-specific goodwill measurement standards within the registration system.Based on the"Institutional Environment-Synergy Effect-Goodwill Measurement"analytical framework,this study selects 528 non-same-control M&A samples of A-share listed companies from 2018 to 2023 as the research objects,and uses principal component analysis and a moderated mediation model to empirically test the impact of operational,financial,and management synergy effects on goodwill measurement,as well as the moderating roles of industry heterogeneity and policy changes.The conclusions are as follows:1.The current"difference method"in goodwill measurement shows a significant deviation,with non-synergistic premiums accounting for 21.5%,and reaching as high as 34.2%in technology-intensive industries.2.Operational,financial,and tax synergy effects all have a positive impact on goodwill measurement,with operational synergy being the most significant(coefficient 0.315***),amplifying to 0.471***in technology-intensive industries.Synergy effects are mainly transmitted through M&A premiums,with the mediating effect of operational synergy accounting for 42.8%.3.After the policy strengthening in 2019,the correlation between synergy effects and goodwill measurement increased by 12.5%,but technology-intensive industries still have a high impairment rate of 15.2%,indicating that policies have yet to fully eradicate the disparities in measurement risks among industries.4.This study is the first to quantify the moderating effects of policy changes and industry attributes on goodwill measurement,theoretically unveiling the core of the goodwill measurement paradox,and practically offering crucial guidance for refining relevant regulations,enhancing valuationtion systems,and formulating regulatory policies.
